Home Sales are UP! by Bill Port February 28, 2014
The Indiana Association of Realtors released the Indiana Real Estate Markets Report last week, showing that 2013 out performed 2012 in every measure of statewide housing data. Statewide, the number of existing Indiana homes sold in 2013 increased by 14% over 2012. The median price of these 75,849 Indiana home sales increased by 3.4% over last year.
Here in Lake County, we are also seeing positive signs of stabilization. Home sales are up an outstanding 19.6% for the past twelve month period. From January 2013 through December 2013 Lake County had 5,383 closed homes as compared to only 4,499 homes sold over the same twelve month period in 2012. Another great sign of local housing recovery is that the median home value for Lake County increased 2.0%, from $125,500 last year to $128,000 this year.
With home values no longer decreasing, and the number of sales increasing, we can expect to see confidence in home ownership continue through 2014. We’ve also probably hit the bottom of the market for value, and may never again see local home prices as affordable as they are now.
Low interest rates continue to drive the market forward. Because of low interest rates, purchasers are able to amplify their borrowing power. In other words, a purchaser can afford a more valuable home at a lower housing payment because interest rates continue to be at record lows. This creates a phenomenal opportunity for anyone looking obtain their dream home.
By combining low interest rates with home prices that are at their lowest value of the recession, you may never be in a better position to purchase a larger or more valuable home. Waiting to save, may actually cost you in the long run.
Bill Port and his wife, Rachel Port of RE/MAX Results have been selling homes in the South Suburbs and Northwest Indiana for over 20 years. Their marketing and negotiating power can work for you! To view the report showing statistics for all Indiana Counties, click this link: 2013 Markets Report. Call for a free evaluation of your home today! 219-613-7527